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Friday, May 1, 2009

How to Prosper in a Bad Economy

By Alan Myers

There is no doubt about it; our economy is at a thirty year low. Luckily, virtually all of the experts conclude that an economic comeback is not more than a few years away.

The question that remains in everyone's mind is what to do until then. I suggest these seven steps.

1. In concert with your boss, find out what skills and competencies you could add to make you especially valuable. Then, aquire them as quickly as you can, and update your boss as you do.

2. Consider more formal education, including an online degree or Online certificate program.

3. Update your resume and cover letter on an ongoing basis. Make minor adjustments in them, as appropriate, whenever you use them.

4. Don't dump good stocks or investments just because they have temporarily lost value.

5. Meet with your investment adviser to develop a regular, ongoing investment plan. Look for bargains....this can be a time of great opportunity.

6. Be aggressive about reducing debt, including car notes and mortgages.

7. Develop a regular savings plan and put away money until you have at least enough to live on for six months.

These simple strategies will not only help you survive tough economic times, they'll help ensure you a strengthened financial position long after the economy has recovered. - 23208

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